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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

investment manager

    (1) (except in LR) 64a person who, acting only on behalf of a client:

      1. (a) manages designated investments in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or
      1. (b) manages designated investments in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.

    (2) (in LR) a person who, on behalf of a client, manages investments and is not a wholly-owned subsidiary of the client.64